Sen. Bob Casey today urged quick action on sanctions towards Iran, pushing a series of measures to allow state pension funds to divest from companies that do business with Iran and sanction foreign firms that export gas to the country.

"Iran will only cease its illicit nuclear program, end its support for terrorists in Hamas and Hezbollah and stop arming militant groups in Iraq when it is compelled to pay an economic price," Casey said.

Here's his full floor statement...

Mr. President, I rise today with respect to Iran’s nuclear program. The Iranian regime, discredited this summer by the deplorable repression of peaceful pro-democracy demonstrators across the country, has reached a new low on the international stage. The disclosure of the uranium enrichment facility near the city of Qum should serve as a wakeup call for those who believed that Iran’s nuclear program was only for peaceful purposes. It continues to deceive the international community about its nuclear intentions and program development. It continues to threaten our ally Israel. It continues to disregard its international commitments. And yes, Mr. President, it continues to directly threaten the national security interests of the United States.

As the Administration begins talks on Thursday, we in the Senate should be prepared to do our part and pass tougher sanctions on the Iranian regime to compel its compliance with international standards. We have a responsibility to provide the Administration the tools it needs to maximize pressure on this increasingly intransigent regime.

I applaud the Administration’s approach in recalibrating U.S. engagement in the world.

At a minimum, this international effort will restore America’s long held reputation of an honest broker, of a country that values diplomacy, and of a country that values relationships with allies and welcomes new ones. Internationally, the U.S. is on better footing than it has been in years. Ties with allies have been strengthened. Those on the fence, like Russia and China, are showing signs of cooperation on issues that are critical to our national interests. And our adversaries, not sure how to demonize the United States like they used to, are on their heels. The Administration’s diplomatic offensive has put us into a position where we have a strong coalition going into these important discussions on Thursday.

The events of last week are unfortunate evidence of the Iranian regime’s deceit, defiance and disregard for international standards for peace and security.

First, on Monday, the Iranian regime sent a letter to the IAEA, disclosing the existence of the second refinement facility, a site that U.S. and Israeli intelligence reportedly have been tracking for years. This missive denied that the site was intended for nuclear purposes though the 3,000 centrifuges were clearly meant for weapons grade refinement. Moreover, the site was buried deep underground and under protection by elite revolutionary guard. Not the typical protocol for a peaceful energy site.

On Wednesday, Mr. Ahmadinejad used his time on the rostrum at the UN, not to welcome a new day of engagement with the international community, but in typical fashion to rail against Israel. This desperate attempt to direct attention away from his own internal political problems as well as his government’s deceitful nuclear program, once again showed that this regime is not a responsible actor on the world stage. Iran’s people recognized this last June by voting against Ahmadinejad and his brand of politics. The world witnessed on live TV how Ahmadinejad views the democratic process as his people paid dearly for the audacity of their vote.

And finally, over the weekend, Iran’s news service reported three rounds of missile tests, including those capable of hitting Israel. Gen. Hossein Salami, head of the Revolutionary Guard Air Force, said that the drills were meant to show that Tehran is prepared to crush any military threat from another country. This erratic display will actually weaken Iran’s hand in Geneva, and will hopefully serve to convince our Russian and Chinese friends that the Iranian regime is not a credible actor, nor a reliable trading partner.

And so after this disturbing, but strangely predictable week of Iranian behavior, American negotiators will head to Geneva. This is the first official and direct meeting with Iranian negotiators in 30 years. Leading the American delegation is Ambassador Bill Burns, one of America’s most respected diplomats. Having served in Russia, Ambassador Burns is well placed to address the complex international dimensions to this diplomatic problem. We will be well represented in Geneva and I wish Ambassador Burns and his team all the best in what will surely be a challenging assignment.

Iran is not going into these negotiations on sure footing, while the international community has never been more united. Led by the United States, Britain, Germany and France, opposition to Iran’s nuclear program is based in fact, rooted in a willingness to engage and backed up with a clear and firm message – an Iran with nuclear weapons is unacceptable under any circumstances. Let me repeat: An Iran with nuclear weapons is unacceptable under any circumstances.

This message is gaining a stronger resonance with Russia and China. President Medvedev’s comments at the University of Pittsburgh indicated a willingness to consider sanctions. This is a potentially remarkable breakthrough because if the Russians are willing to support international sanctions, the Chinese could be left alone among the P5+1 group. While China relies on Iran for a substantial fuel imports, I trust that they are carefully weighing their need for energy against Iran’s increasingly erratic and irresponsible behavior. The opportunity cost of doing business with this regime has increased considerably and may now be too high a price to pay. I hope that the Chinese will support international efforts to pressure this regime at this critical time with the understanding that these efforts could ultimately result in a more reliable and stable partner in Tehran.

It is next to impossible that the Iranians will be able to prove that its nuclear sites are for peaceful purposes by Thursday. The Administration needs to be ready to move quickly and build on international momentum created over the past week, to pressure this regime. And that is why we in the Senate need to be ready to play our part, support the Administration and move on sanctions. We currently have two proposals on Iran pending before us.

First, the Iran Sanctions Enabling Act, is a measure introduced by Senator Brownback and myself last May which would allow state and local government pension funds to divest from companies that do more than $20 million in business with the Iranian energy sector. Second, the Iran Refined Petroleum Sanctions Act, sponsored by Senators Bayh and Kyl, explicitly empowers the president to impose new economic sanctions on foreign firms involved in the export of gasoline and other refined petroleum products to the Islamic Republic of Iran. I am co-sponsor of this bill along with more than 75 of my colleagues.

The Iran Sanctions Enabling Act is modeled on similar legislation passed in response to the genocide in Sudan. Eighteen state legislatures have passed individual Iran sanction measures and our legislation would bring these state efforts into line with federal law. When President Obama was in the Senate, he introduced an earlier version of this legislation. It was right in 2007, and it is right now.

Analysts have estimated that Iran requires $20 billion annually in investments for its oil and natural gas sector. That sector directly provides funding for Iran’s nuclear program as well as its support for international terrorism. Iran will only cease its illicit nuclear program, end its support for terrorists in Hamas and Hezbollah and stop arming militant groups in Iraq when it is compelled to pay an economic price.

We are entering a crucial phase in President Obama's strategy of engagement with Iran where Tehran will face a true test. I hope that the October 1st negotiation will lead to a freeze in Iran’s nuclear enrichment efforts, and ultimately, a nuclear weapons free Iran. Will the regime accept the president’s genuine offer of dialogue and comply with international nuclear standards? Or will it continue a losing strategy the serves to deepen its isolation?

If last week is any indication, Congress should be prepared to hand the President the leverage he needs to send a message to the Iranian regime that America cannot and will not accept an Iran with nuclear weapons. The Administration needs all the tools at its disposal to increase pressure on the regime, diplomatically, politically and through more stringent economic sanctions. I call on my colleagues to listen to legislatures in so many states across the country who have passed divestment measures. The American people do not want anything to do with investing in this regime. Let’s pass divestment and petroleum sanctions and send a message to this regime and the international community that a nuclear-armed Iran is unacceptable.